I was wondering if anyone can give me some advise. My friend and his brother are both getting CGT's and would like to see if they can get around the $100,000 in taxes. Does anyone have some experiance in this area. What does it take?? Let me Know!

 

How do you figure $100k in taxes, even on 2 cars? Your rate would have to be over 10%.

Register the car(s) in Montana.

 

OK on a special order car with a window of $486000 it would your right be a $38000 times 2 $76000 plus reg. It is still alot of money.

 

Why Montana. This is the second time I've heard that.

 

in CA you can figure the taxes and reg to be about 10% the purschase price of the car. 8-8.5% is state tax. 1 percent or there abouts is for REG.

there is no way around it except for the following:
(that have worked fro me anyway)

buy the car out of state (with no sales tax such as ORE) and keep it there for 1 year before it enters CA. ( it used to be 90 days but that changed in 2004)
buy it used for example in AZ from a private party and there is no sales tax. Your supposed to have a residence there, you dont need an AZ license and a friends house will work.. did for me a couple times. You can buy the car anywhere as long as it is shipped to that state and registered there.

I have a contact at the State Board of Equalization that can point you to the info on thier website that outlines the regulations and tax code.

 

the first the car enters ca you will be technically responsible for the "sales" -> actually USE tax.

There is also a new Ca income tax code that allows you to write off state use tax paid if it exceeds your tax liablilty from income. I doubt that if you can buy a CGT that your state tax bill would be less that 40K but hey.... you never know.

 

Hey Eddie, My friend is a CHP Officer, He told me that they are targeting any automobile that has out of state license that does not appear to be traveling, (i.e. luggage in the car, hanging clothes and such), because of that very reason to increase the revenue base. Just food for thought, If you can afford a CGT who in the Hell cares about an extra $40 ger anyway.

 

Matt,

try these guys, give em a call. some friends of mine used them when they purchased their airplanes ($500k and above). CAVEAT, Calif recently passed some law regarding the 90 day loophole. The should know about this new law.

http://www.astc.com

 

You are welcome to ship them to my house in AZ.

 

No state sales tax. Same with Alaska, New Hampshire, Oregon, and Delaware

 

Thanks for the input guys I will pass the info along.

 

The legal way is lease it, and pay as you go!

 

Live free or die!!
Register in NH
0% sales tax

 

Too bad I don't have any relatives in these "0%" states. Paying 8.25% just ain't right when compared to the lower taxed states.

 

It might be worthwhile to become a car dealer.